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CALGARY, Feb. 16, 2012 /CNW/ - Crescent Point Energy Corp. ("Crescent
Point" or the "Company") (TSX: CPG) is pleased to announce that it has
entered into an agreement (the "Bakken Acquisition") with PetroBakken
Energy Ltd. ("PetroBakken"), a publicly traded oil and gas producer, to
acquire certain assets in the proposed waterflood area of the Viewfield
Bakken light oil resource play in southeast Saskatchewan (the "Bakken
Waterflood Assets") for cash consideration of $427 million. The assets
are primarily in the Company's proposed waterflood units and include
more than 2,900 boe/d of production and more than 25 net sections of
land in the Viewfield Bakken resource play. The Bakken Acquisition is
expected to help accelerate Crescent Point's waterflood program in the
Viewfield Bakken resource play.

The Company also announces that it has closed an agreement to acquire
producing assets (the "Manitoba Asset Acquisition") in southwest
Manitoba (the "Manitoba Light Oil Assets") for cash consideration of
$130 million. The Manitoba Light Oil Assets produce approximately 940
boe/d of high-quality, high-netback, low-decline light oil production
with a reserve life index of 16.3 years and are in close proximity to
Crescent Point's existing Manitoba operations. Crescent Point believes
this property has significant upside potential through infill drilling
and waterflood optimization.

Assuming the successful completion of the Bakken Acquisition, and
including the Manitoba Light Oil Assets, Crescent Point's average daily
production in 2012 is expected to increase to 86,000 boe/d from 83,500
boe/d and its 2012 exit production rate is expected to increase to more
than 93,000 boe/d from 90,000 boe/d.

In addition, the Company announces that it has entered into an
agreement, on a bought deal basis, with a syndicate of underwriters
co-led by BMO Capital Markets, CIBC and Scotia Capital Inc., and
including RBC Capital Markets, TD Securities Inc., FirstEnergy Capital
Corp., National Bank Financial Inc., GMP Securities L.P., Macquarie
Capital Markets Canada Ltd. and Peters & Co. Limited for an offering of
11,610,000 Crescent Point shares at $45.25 per share to raise gross
proceeds of approximately $525 million. Closing is expected to occur on
or about March 8, 2012, and is subject to customary regulatory
approvals. Crescent Point has also granted the underwriters an
over-allotment option to purchase, on the same terms, up to an
additional 1,741,500 Crescent Point shares. This option is exercisable,
in whole or in part, by the underwriters at any time up to 30 days
after closing. The maximum gross proceeds raised under this offering
will be approximately $604 million, should this option be exercised in
full. Closing of the financing is not subject to the successful
completion of the Bakken Acquisition.

BAKKEN ACQUISITION

Under the terms of the Bakken Acquisition, Crescent Point expects to
acquire the Bakken Waterflood Assets for total cash consideration of
$427 million.

The Bakken Waterflood Assets to be acquired include more than 2,900
boe/d of high-quality light oil production and more than 25 net
sections of land in the core of the Viewfield Bakken resource play,
primarily within the boundaries of the Company's proposed waterflood
units. Independent engineers have assigned more than 1.0 billion
barrels of Discovered Petroleum Initially In Place on the lands within
the proposed waterflood units. Assuming the successful completion of
the Bakken Acquisition, Crescent Point's working interest position
within the proposed waterflood units will increase to approximately 96
percent from approximately 90 percent. This is expected to both
simplify and accelerate Crescent Point's waterflood plans. The Company
believes that waterflood implementation could increase ultimate
recovery factors to greater than 30 percent from an expected 19 percent
on primary recovery.

The Bakken Acquisition is expected to close on or before March 14, 2012.

Key attributes of the Bakken Waterflood Assets:

Current production of more than 2,900 boe/d, approximately 90 percent of
which is high-quality, long-life light crude oil;

Netback of approximately $63.00 based on US$95.00/bbl WTI, Cdn$3.25/mcf
AECO and US$/CDN$0.96 exchange rate;

31.8 net sections of land, including more than 25 net sections of
Viewfield Bakken land in the most productive area in the Bakken
resource play, of which 3 net sections are fee title lands;

2 multi-well batteries and pipeline infrastructure;

18.2 net booked locations and an additional 1.2 net internally
identified low-risk drilling locations at a drilling density of four
wells per section, with an incremental 12 net booked locations and an
additional 47 net internally identified drilling locations at a
drilling density of eight wells per section; and

Approximately 10.5 million boe of proved plus probable and 6.4 million
boe of proved reserves. Based on Crescent Point's development plans on
8 wells per section drilling, Crescent Point expects an additional 2.1
million boe of proved plus probable reserves and 2.5 million boe of
proved reserves will be assigned by independent engineers, for a total
of 12.6 million boe of proved plus probable and 8.9 million boe of
proved reserves; and

Reserve life index of 11.9 years proved plus probable and 8.4 years
proved, based on Crescent Point's development plans.

FINANCIAL ADVISOR

Scotiabank acted as financial advisor to Crescent Point with respect to
the Bakken Acquisition.

MANITOBA ASSET ACQUISITION

The Manitoba Light Oil Assets produce approximately 940 boe/d of
high-quality, long-life, light oil production in southwest Manitoba.
The Manitoba Light Oil Assets are complementary to Crescent Point's
existing properties in southwest Manitoba and include low-decline
assets with stable, predictable production. The Manitoba Asset
Acquisition is consistent with the Company's strategy to acquire large
oil-in-place assets and the Company believes that the Manitoba Light
Oil Assets have significant reserves upside potential through infill
drilling and waterflood optimization.

The Manitoba Asset Acquisition closed on January 25, 2012.

Key attributes of the Manitoba Light Oil Assets:

Current production of approximately 940 boe/d, comprised of 100 percent
light oil;

Production decline of approximately 10 percent;

Netback of approximately $70.00 based on US$95.00/bbl WTI, Cdn$3.25/mcf
AECO and US$/CDN$0.96 exchange rate;

Crescent Point anticipates releasing its audited fourth quarter 2011
operating and financial results and year-end reserves on March 15,
2012. To provide further clarity on the pro forma guidance related to
the Bakken Acquisition, the Manitoba Asset Acquisition and the bought
deal financing, Crescent Point provides the following summary of
anticipated results:

Crescent Point expects fourth quarter 2011 average daily production of
approximately 81,000 boe/d;

The Company expects to replace 2011 production by more than 240 percent
through its 2011 capital expenditures program;

The Company expects 2011 finding and development ("F&D") costs in the
range of approximately $18.50 per proved plus probable boe, excluding
change in future development costs; and

Crescent Point expects 2011 finding, development and acquisition
("FD&A") costs in the range of approximately $20.00 per proved plus
probable boe, excluding change in future development costs.

UPWARDLY REVISED 2012 GUIDANCE

Crescent Point continues to execute its business plan of creating
sustainable value-added growth in reserves, production and cash flow
through management's integrated strategy of acquiring, exploiting and
developing high-quality, long-life light and medium oil and natural gas
properties in United States and Canada.

As a result of the Bakken Acquisition and the Manitoba Asset
Acquisition, Crescent Point is upwardly revising its 2012 capital
expenditure plans and guidance.

Capital expenditures are expected to increase by $50 million to $1.2
billion. Approximately $43 million of the increase is expected to be
spent on the drilling of 22 net Viewfield Bakken horizontal oil wells
and the conversion of an additional 5 producing wells to water
injection wells in the Viewfield Bakken waterflood area. Crescent Point
now expects to drill 142 net wells in the Viewfield Bakken play in 2012
and to have approximately 60 net water injection wells in the play by
year-end 2012. The remainder of the increase is expected to be spent on
production optimization and facilities in southeast Saskatchewan and
Manitoba.

Crescent Point's average daily production in 2012 is expected to
increase to 86,000 boe/d from 83,500 boe/d and its 2012 exit production
rate is expected to increase to more than 93,000 boe/d from 90,000
boe/d. This guidance includes the anticipated shut-in of approximately
11,000 boe/d during second quarter 2012 to account for spring break-up
and also includes the anticipated production impact of converting
additional producing wells to water injection wells.

Funds flow from operations for 2012 is expected to be approximately
$1.49 billion, with a payout ratio of 58 percent, based on forecast
pricing of US$95.00 per barrel WTI, Cdn$3.25 per mcf AECO gas and a
US$/Cdn$0.96 exchange rate.

Crescent Point's balance sheet remains strong, with projected average
net debt to 12-month cash flow of less than 1.0 times.

The Company continues to implement its balanced 3½-year price risk
management program, using a combination of swaps, collars and purchased
put options with investment grade counterparties. As at February 14,
2012, the Company had hedged 54 percent, 43 percent, 28 percent and 10
percent of production, net of royalty interest, for 2012, 2013, 2014
and the first half of 2015, respectively. Average quarterly hedge
prices range from Cdn$91 per boe to Cdn$99 per boe.

(1) The projection of capital expenditures excludes acquisitions, which
are separately considered and evaluated.

BOUGHT DEAL FINANCING

Crescent Point has entered into an agreement, on a bought deal basis,
with a syndicate of underwriters co-led by BMO Capital Markets, CIBC
and Scotia Capital Inc., and including RBC Capital Markets, TD
Securities Inc., FirstEnergy Capital Corp., National Bank Financial
Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd. and
Peters & Co. Limited for an offering of 11,610,000 Crescent Point
shares at $45.25 per share to raise gross proceeds of approximately
$525 million. Closing is expected to occur on or about March 8, 2012,
and is subject to customary regulatory approvals. Crescent Point has
also granted the underwriters an over-allotment option to purchase, on
the same terms, up to an additional 1,741,500 Crescent Point shares.
This option is exercisable, in whole or in part, by the underwriters at
any time up to 30 days after closing. The maximum gross proceeds raised
under this offering will be approximately $604 million, should this
option be exercised in full.

The offering will be a bought underwritten public issue in all provinces
of Canada by way of a short form prospectus. The offering will be
offered for sale to Qualified Institutional Buyers in the United
States, pursuant to the registration exemptions provided by Rule 144A
of the Securities Act of 1933 and internationally, as permitted.

The net proceeds of the financing will be used to fund a portion of the
Bakken Acquisition and the Manitoba Asset Acquisition, as well as the
Beaverhill Lake land acquisitions that were previously announced on
January 24, 2012.

Closing of the financing is not subject to the successful completion of
the Bakken Acquisition.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute
forward-looking statements. All forward-looking statements are based on
Crescent Point's beliefs and assumptions based on information available
at the time the assumption was made. The use of any of the words
"could", "should", "can", "anticipate", "expect", "believe", "will",
"may", "plan", "projected", "sustain", "continues", "strategy",
"potential", "projects", "grow", "take advantage", "estimate",
"well-positioned" and similar expressions are intended to identify
forward-looking statements. By their nature, such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. Crescent
Point believes that the expectations reflected in those forward-looking
statements are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking
statements included in this report should not be unduly relied upon.
These statements speak only as of the date of this press release or, if
applicable, as of the date specified in those documents specifically
referenced herein.

In particular, this press release contains forward-looking statements
pertaining to the following: the performance characteristics of
Crescent Point's oil and natural gas properties; oil and natural gas
production levels; capital expenditure programs; drilling programs;
well conversion and water injection programs; the quantity of Crescent
Point's oil and natural gas reserves and anticipated future cash flows
from Crescent Point's reserves; the reserves and reserve life indexes
associated with the Bakken Waterflood Assets and the Manitoba Light Oil
Assets; recovery rates; the quantity of drilling locations in
inventory; projections of commodity prices and costs; supply and demand
for oil and natural gas; expectations regarding the ability to raise
capital and to continually add to reserves through acquisitions and
development; expected debt levels and credit facilities; expected
pipeline capacity additions; facility construction plans; treatment
under governmental regulatory regimes; and the anticipated closing
dates for the Bakken Acquisition and the bought deal financing.

By their nature, such forward-looking statements are subject to a number
of risks, uncertainties and assumptions, which could cause actual
results or other expectations to differ materially from those
anticipated, including those material risks discussed in our annual
information form under "Risk Factors" and our Management's Discussion
and Analysis for the year ended December 31, 2010, under the headings
"Risk Factors" and "Forward-Looking Information." The material
assumptions are disclosed in the Management's Discussion and Analysis
for the year ended December 31, 2010, under the headings "Dividends",
"Capital Expenditures","Asset Retirement Obligation", "Liquidity and Capital Resources",
"Critical Accounting Estimates", "New Accounting Pronouncements" and
"Outlook", and in Management's Discussion and Analysis for the period
ended September 30, 2011, under the headings "Dividends", "Capital
Expenditures", "Decommissioning Liability", "Liquidity and Capital
Resources", "Critical Accounting Estimates" and "Outlook". The actual
results could differ materially from those anticipated in these
forward-looking statements as a result of the material risks set forth
under the noted headings, which include, but are not limited to:
financial risk of marketing reserves at an acceptable price given
market conditions; volatility in market prices for oil and natural gas;
delays in business operations, pipeline restrictions, blowouts; the
risk of carrying out operations with minimal environmental impact;
industry conditions including changes in laws and regulations including
the adoption of new environmental laws and regulations and changes in
how they are interpreted and enforced; uncertainties associated with
estimating oil and natural gas reserves and Discovered Petroleum
Initially In Place; economic risk of finding and producing reserves at
a reasonable cost; uncertainties associated with partner plans and
approvals; operational matters related to non-operated properties;
increased competition for, among other things, capital, acquisitions of
reserves and undeveloped lands; competition for and availability of
qualified personnel or management; incorrect assessments of the value
of acquisitions and exploration and development programs; unexpected
geological, technical, drilling, construction and processing problems;
availability of insurance; fluctuations in foreign exchange and
interest rates; stock market volatility; failure to realize the
anticipated benefits of acquisitions; general economic, market and
business conditions; uncertainties associated with regulatory
approvals; uncertainty of government policy changes; uncertainties
associated with credit facilities and counterparty credit risk; and
changes in income tax laws, tax laws, crown royalty rates and incentive
programs relating to the oil and gas industry.

A barrel of oil equivalent ("boe") is based on a conversion rate of six
thousand cubic feet of natural gas to one barrel of oil.

Discovered Petroleum Initially In Place ("DPIIP"), as defined in the
Canadian Oil and Gas Evaluations Handbook (COGEH), is that quantity of
petroleum that is estimated, as of a given date, to be contained in
known accumulations prior to production. The recoverable portion of
DPIIP includes production, reserves and contingent resources; the
remainder is unrecoverable.

Additional information on these and other factors that could affect
Crescent Point's operations or financial results are included in
Crescent Point's reports on file with Canadian securities regulatory
authorities. Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is
expressed herein or otherwise and Crescent Point undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events or
otherwise, unless required to do so pursuant to applicable law.

Crescent Point is a conventional oil and gas producer with assets
strategically focused in properties comprised of high-quality,
long-life, operated light and medium oil and natural gas reserves in
United States and Canada.